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  • Date: 30th Jun 2021

Cryptocurrency service provider Poly Network says it is cordially inviting cyber-attacker ‘Mr White Hat’ – a term used for ethical hackers who search for vulnerabilities in organisations’ IT systems which could expose them to attacks – to be the company’s chief security advisor.

The offer is being made to “extend our thanks and encourage Mr White Hat to continue contributing to security advancement in the blockchain world together with Poly Network,” the decentralised finance (Defi) company wrote in a blog post. Defi allows users to transfer digital coin tokens tied to one blockchain to a different network.

“We are also counting on more experts like Mr White Hat to be involved in the future development of Poly Network since we believe that we share the vision to build a secure and robust distributed system.”

Last week the hacker Poly Network has dubbed Mr White Hat took about $267m of Ether currency, $252m of Binance coins and $85 million in USDC tokens – a total of $604m (€512m) – from its systems

In a 17 August blog, the company said: “It is important to reiterate that Poly Network has no intention of holding Mr White Hat legally responsible, as we are confident that Mr White Hat will promptly return full control of the assets to Poly Network and its users.” He is reported to have returned $340m and is withholding $200m.

“We are grateful for Mr White Hat’s outstanding contribution to Poly Network’s security enhancements,” the blog went on. “We now understand Mr White Hat’s vision for Defi and the crypto world, which is in line with Poly Network’s ambitions from the very beginning – to provide interoperability for ledgers in Web 3.0.”

Poly Network is giving him a $500,000 “bug bounty” to use it at his discretion for the cause of cybersecurity and supporting more projects and individuals.

Meanwhile, the company is working with security organisations “with the aim of presenting the public with a robust and secure system that is fully prepared for Poly Network’s recovery and revamp”.